Second what you guys say about #3s. One benefit is that the #3 lever, aside from looking more traditional (if you're a Yank, that is) doesn't catch on brush and clothing nearly as easily as the #1 lever. That can lead to a malfunction when you try a quick shot; lever is slightly open--no bang. Doesn't happen often, but even once with a big game animal and your morning is blighted. #3 is slightly slower to reload, tho--lever gives less leverage, so to speak.
The #3 wood isn't much, IMO. Sometimes it is decent enough wood, but the form is not very functional. The vestigial barrel band caused problems and looks like hell when you remove it, which sometimes helps accuracy. The carbine butt looks traditional but doesn't help with the recoil of the .30-40 and .45-70. And its buttplate shape makes alterations to add a fuller recoil pad kind of a nightmare. I always replaced the plastic buttplate with a steel aftermarket one (can't remember who made them, they may actually have been for the 10-22, but they were a nice little upgrade).
Cherry #3s should be left original, I believe, because they are getting rarer by the day and there are avid Ruger collectors out there. Worn or altered #3s deserve to be made into a neat custom single shot of your choice, tho. If I found one for $300 (fat chance in CA), I'd have those Benjamins out so fast they'd smoke. Hope you got, or do get, that one.
.30-40 Krag is worth testing before you re-barrel. Ruger barrels of that vintage are a crapshoot. You might find a good 'un.
